Agenda - 04-07-2009 - 4k - Laserfiche WebLink

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NGRT:~ CAR.GLINA ~ ... GRANGE CGUNTY A~ENDIVIENT TU DEVELC~PNIENT AGREEMENT This is an amendment to the February 24, 2003 AGREEN~ENT ~"the Tevelopment Agreement"} between [}RANGE COUNTY, a general local governmental unit of the State of North Carolina, thereinafter referred to as "Caunty" or "the County"} and ~ HABITAT FC~R. ~IUNIA.NITY OF aI2ANGE CCIUNTY, NC, INC., a North Carolina nonprofit housing organization thereinafter referred to as "Habitat"}. The effective date of this amendment is lay 17, Zoos. wITNESSET~I WHEREAS, the Caunty and f3abitat entered into a Development Agreement dated February 24, 2403 for the acquisition of a 17. 7-acre parcel of land on Sunrise Road, Chapel Hill, NC by Habitat for future housing development; and WHEREAS, :habitat has requested that the performance dates in the original Agreement be amended due to a modified housing development schedule; NGW, TI3ERF,FGRE, in consideration of the mutual covenants, promises and representations contained herein, it is agreed between the parties hereto that all of the terms and conditions of the Development Agreement are herein reaffirmed and incorporated herein by reference and amended as follows: 1. paragraph 3 of the Development Agreement is rewritten to read as follows: f3abitat must submit a sound, site-specific development proposal for developing the property by December 2410 (was December 2~~5). At that time, Habitat must provide evidence that the surrounding community has been involved in development plans. Actual infrastructure construction must begin by January 2013 (was January ~'S, 2008). I3abitat will be responsible for providing status reports to the County quarterly detailing the project activities until project completion beginning in January 2006. n addition, Habitat agrees to furnish to the Caunty a copy of its annual audit, performed by a certified public accountant within 9a days of the end of each fiscal year until the Project ~s comp ete. The project completion date is the closing date of the purchase by a qualified buyer of the last of the twenty-five units to be constructed for first time homebuyers or December 31, 2015 was December 3~', 20.0) whichever is earlier. n the event that Habitat is unable to proceed with any aspect of the project in a timely manner, and Caunty and 3abitat determine that reasonable extensions} for completion will,. not remedy the situation, then the Termination of Agreement provisions of this Agreement Section 6.a.} shall pertain. I3abitat may, at its ~aptian, submit a written request for a delay of completion for County approval, The County rn.ay, at its option, approve any delay in the completion date or declare Habitat in default. f3abitat shah monitor the constructed units for affordability for the period of affordability ninety-nine X99}years. Final contract completion date shall be the latest end date of all assisted unit affordability periods.